Internal auditors say they want more information on XBRL. According to a survey of more than 200 Chief Audit Executives, conducted by the Institute of Internal Auditors (IIA), more than 50% of those polled are not yet familiar with XBRL. Nevertheless, many acknowledge that the reporting technology is a looming reality. In fact, nearly 40% [...]
The U.S. Treasury recently announced it has hired accounting firms PricewaterhouseCoopers and Ernst & Young to help with its emergency buyouts of toxic assets from troubled financial institutions. The two firms will help “with accounting and internal controls services needed to administer the complex portfolio of troubled assets the department will purchase, including whole loans [...]
The global marketplace is highly competitive and the ability of many firms to operate profitably in diverse geographic markets is vital. Operating globally however gives way to a number of legal, finance and global accounting issues. Multinational firms must comply with international laws on pensions and business practices… and tax. In fact, research conducted by [...]
The accounting industry remains strong, despite a faltering economy. In fact, the top 100 accounting firms have posted double-digit growth for three years running, according to the latest national Public Accounting Report (PAR) survey of highest revenue accounting firms published by CCH, a Wolters Kluwer business and a provider of tax, accounting and audit information, [...]
The U.S. economy has sunk into a recession and government action is critical to stem the damage, according to economists in the latest Wall Street Journal forecasting survey. According to the WSJ report, “It is a challenging scenario for the next president, as the election moves into the home stretch. Either Sen. John McCain or [...]
As of Monday morning, weary investors woke to more turmoil in the financial markets. Fears of layoffs and recession are running rampant. As Wall Street looks to Washington for help, so do those who have been laid off, or worry their jobs may be in jeopardy. With uncertainty plaguing the job market, what can you [...]
Although Congress failed to pass a $700 billion bank rescue plan on Monday, investors appear to be betting that a bailout bill could still pass this week. Still, the uncertainty of the current economic crisis and mounting apprehension over anticipated regulatory changes is undoubtedly gripping Wall Street and investors around the world. Taking immediate steps [...]
Efforts to bolster the struggling financial markets on Monday failed miserably. The House defeated a $700 billion emergency rescue for the nation’s financial system, leaving lawmakers and the Bush administration scrambling to pick up the pieces, according to the AP. Following the vote, the Dow plummeted 777 points – more than the 684-point drop on [...]
Amid economic turmoil, accounting remains one field with strong growth potential. According to the Bureau of Labor Statistics, the employment of accountants and auditors is expected to grow at least 18% by 2016 – that’s faster than the average rate of growth for all other occupations. “An increase in the number of businesses, changing financial [...]
Banks have been paying the price for lax risk controls. Losses from the U.S. subprime crisis and the ensuing credit crunch crossed the $500 billion mark as writedowns spread to more asset types, according to Bloomberg. The report states that writedowns and credit losses at more than 100 of the world’s biggest banks and securities [...]
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